Consumer spending is an important component of modern worldwide economies. Consumers have significant assets and financial resources at their disposal that can be used to purchase a variety of goods and services.
The financial resources of consumers are often maintained and made available for use through checking accounts, savings accounts and other accounts held at different types of financial entities such as banking institutions. Effectively and efficiently managing financial resources can be challenging, however, and many consumers accordingly rely on their banking institutions to provide tools that can help them manage their finances. Such tools need to be nimble and intelligent in their ability to provide ready access to consumer financial information. Also, the tools need to mesh well with the lifestyles of the consumers, especially in the context of applying consumer financial resources to purchase transactions. In particular, there are insufficient financial tools available for educating younger or less mature consumers on credit and wealth management, for assisting more mature cardholders with day-to-day expenses, and for supporting families with credit education and financial organization.
It is not unusual for younger, less mature consumers to be bombarded with numerous offers for credit cards and other types of purchase cards; however, such consumers often have little or no prior experience with using credit cards and managing money and expenses. Older, less mature consumers may also be faced with credit and expense management issues, and due to a lack of experience with credit cards such consumers may become easy prey for unscrupulous businesses seeking to exploit uneducated and trusting consumers. Despite the disadvantages of possessing credit cards without the proper knowledge and experience to use them, there are nonetheless many good reasons for less mature consumers to have access to credit cards. When used properly, credit cards can provide substantial benefits to a variety of less mature cardholders. For example, credit cards can provide purchase protection, build credit for future purchases, provide a cushion in case of emergencies, and reduce the need to carry cash.
In view of the issues described above, enhanced systems, processes, tools, techniques and strategies are needed for managing financial resources, including the resources and assets of consumers who employ purchase cards for purchase transactions.